A follow-up article from Patrick Temple-West at Reuters:
Jan 24 (Reuters) – The Republican National Committee (RNC) on Friday called for the repeal of a U.S. anti-tax-evasion law, siding with big banks, libertarians and American expatriates that have criticized the Obama administration statute.
At its winter meeting in Washington, the RNC approved by voice vote a resolution in favor of abolishing the 2010 Foreign Account Tax Compliance Act (FATCA), set to take effect in July, marking the party’s first explicit attack on the law.
FATCA will require most foreign banks and investment funds to report to the U.S. Internal Revenue Service information about U.S. customers’ accounts worth $50,000 or more. The law was enacted after a scandal involving Americans hiding assets in Swiss bank accounts to dodge U.S. taxes.
Critics have blasted the law as an unfair government overreach and invasion of financial privacy.
“The Republican National Committee … urges the U.S. Congress to repeal FATCA,” said the measure, staking out a campaign position ahead of 2014’s mid-term elections.
On Wednesday, with the RNC vote expected to occur, a senior Treasury Department official said the vote would not hurt the administration’s efforts to implement FATCA via a web of tax information-sharing agreements with other countries.